<Jeddah Economic Company, the owner and developer of the Jeddah Economic City project and the world's tallest Jeddah Tower, has subscribed to all units of the Alinma Jeddah Economic City Investment Fund. It is a real estate investment fund, established by Alinma Investment Company, with a value of 8.4 billion riyals and is compliant with the provisions and controls of Sharia, financial market requirements and legal regulations applicable in the Kingdom of Saudi Arabia, while Jeddah Economic Company will assume the role of the developer of the fund.
On this occasion, Jeddah Economic Company will assume the role of the developer of the fund. On this occasion, HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud, Chairman of Jeddah Economic Company, emphasized that the Jeddah Economic City project is a new era in real estate development in the Kingdom with the participation of the private sector, which will contribute to the development of the economic movement in the city of Jeddah. Prince Alwaleed bin Talal pointed out that the financing of the project from Alinmaa Bank is an important practical step and expresses the confidence of the banking sector in the economic situation in the Kingdom in general and the Jeddah Economic City project and its development and investment plan in particular.
For his part, Eng. For his part, Engineer Talal Al Maiman, Member of the Board of Directors of Jeddah Economic Company and Chairman and CEO of Kingdom Real Estate Development Company, explained that although the financial planning of the project took nearly two years, the efforts have been fruitful to reach an advanced financial model through the establishment of an investment fund compatible with the provisions and controls of Sharia to build an integrated and modern city and the highest tower in the world on the land of the homeland, which is a practical model that will be followed in the development of future real estate projects.
For his part, Engineer Talal Al Maiman, Member of the Board of Directors of Jeddah Economic Company and Chairman and CEO of Kingdom Real Estate Development Company, explained.
<Mr. Muneeb Hammoud, CEO of Jeddah Economic Company, commented: “The project is proceeding according to the planned steps towards achieving the desired goals to complete the development of Jeddah Tower and the infrastructure of Jeddah Economic City according to the five-year development plan set by the company, and that the success of the work team carries many, many details and a huge size is an achievement in the world of planning, implementation, financing, marketing and investment. The company's slogan ”It's Happening...“ has also become a reality in sync with the accelerated progress steps in both the project and the tower, to reach new horizons in the world of real estate development and build world-class urban centers with an advanced and attractive lifestyle on a global scale.
